Saudi Arabia’s foreign trade balance reflected a SAR30 billion surplus in October this year. The figure, however, decreased by half annually, compared to its SAR60 billion surplus in October 2022.
With a decrease in exports and an increase in imports, Saudi Arabia’s trade balance witnessed a sharp decrease in its surplus.
Saudi exports
The General Authority for Statistics stated in its monthly bulletin that the kingdom’s merchandise exports decreased by 17.4 percent annually to SAR104.3 billion in October. This decrease was affected by an 18.3 percent decrease in oil exports to SAR82.3 billion. Thus, Saudi Arabia is implementing a voluntary reduction in oil production by a total of 1.5 million barrels per day. That is part of the OPEC+ alliance agreement to achieve balance in the global market and support oil prices.
Meanwhile, non-oil exports declined in October by 29.8 percent. This decrease is due to a decrease in exports of chemical industry products by 31.9 percent. Moreover, plastics, rubber, and their manufactured product exports decreased by 6.9 percent.
Read: UAE, Qatar trade grows 68 percent, reaches AED 521 million
China and Saudi Arabia
China ranked first among Saudi export destinations with exports worth SAR19.5 billion. It accounted for 18.7 percent of total exports in October. Japan and India followed, with a value of SAR12.3 billion and SAR10.2 billion, respectively.
Egypt, UAE, and Bahrain, in addition to the United States, South Korea, Taiwan, and Poland, accounted for 70.3 percent of total Saudi exports. They are among Saudi Arabia’s ten most important countries.
In contrast, Saudi Arabia’s imports rose 11.5 percent annually in October to SAR73.9 billion. That is compared to SAR66.3 billion a year ago.
Machinery, appliances, electrical equipment, and their parts accounted for 22.3 percent of total imports. Transportation equipment and their parts followed at 19.4 percent.
Moreover, China ranked first among countries exporting to the kingdom, with exports worth SAR14.9 billion, or 20.1 percent of total imports in October. The United States and the UAE followed with a value of SAR8.8 billion and SAR5.1 billion, respectively.
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